Morning Report

eurjpy28

Returning to the harmonic possibility which we previously discussed, which is now a Harmonic Bat Pattern where the pair is currently stable around 76.4% correction of the CD leg, while yesterday the pair provided a daily closing above this level and today returned to decline to test this level. Therefore, according to the harmonic rules, we see that the pair is targeting 88.6% correction then to the top C with the confirmed breach of the first target. Therefore, an intraday upside move is to control the pair's trading for today.

The trading range for today is among key support at 109.65 and key resistance now at 115.40.

The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.

Support112.80112.40112.10111.60111.05
Resistance113.75114.00114.25114.75115.25
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 112.80 targeting 115.40 and stop loss with four-hour closing below 111.05 might be appropriate